denver real estate market shifting in buyers' favor
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By John Frank | Published on August 3, 2022
The Denver metro housing market is taking a turn to benefit the buyer.
"Gone are the days that a seller can simply put a sign in the yard and expect their home to sell," the Denver Metro Association of Realtors reports.
By the numbers: The number of homes on the market in July topped 7,300 — a 22% increase from June and a 81% spike from a year ago, according to the association's latest market trends report set for release today.
The number of closed sales decreased 21% from the prior month, and the number of average days on the market is now 13 (a 30% increase).
Another primary indicator of a new landscape is the fact that homes are closing at their list prices.
Yes, but: By historical standards, the market is not as good for buyers as it could be.
There are still 2,000 fewer homes for sale compared to three years ago.
What they're saying: "It's starting to look like a recession, but it may be just the slowdown in the market we've all been hoping for," Nicole Rueth, a mortgage company leader, tells Axios Denver.